BPCL / Q1-FY27 / claim-ledger

Audit the questions that mattered.

Bharat Petroleum Corporation · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ1-FY27 · 2026-07-16Back to quarter ↗

Questions audited

9

Answered directly

61%

Numeric claims

0

Consistency

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Question ledger

What was answered, and how?

Analyst · ICICI Securities

partial

What is net GRM after SAD, inventory gain in marketing, crude inventory days, and crude cost premium?

Net number would have been closer to about $17 per barrel... inventory gains around 3,000 cr... 35 days of crude inventory as of June 26 (3.88 MMT)... for this quarter April to June the benchmark and landing will be more than $15.

Abishek · Motilal Oswal

direct

What is the progress on Mozambique and Brazil E&P projects?

Mozambique physical progress 42% complete, first gas FY29, BPCL stake 1.3 MMT. Brazil - 100% stake acquired through NCLT, FPSO contract signed, first oil FY31-32, 88,000 bpd with 40% BPRL stake.

Amit Murakar · Access Capital

partial

What is own sourcing vs purchase ratio for diesel/petrol and crude inventory gains?

Sourcing only maybe 85% our production and 10 to 15% we procure on month basis... we have stopped calculating crude inventory gains separately... average crude value at 31st March is around $99 now it is 95 or 96 maybe $3-4 impact.

Mayank Maheshwari · Morgan Stanley

direct

What drove high GRM at Bina/Kochi/Mumbai refineries and sustainability outlook?

Cracks are high compared to any of the earlier years. Mainly diesel cracks and ATF cracks are very high... Bina is at 87% better performance, Kochi at 85% beyond 84% range. Bina gross $57/bbl, Mumbai $34/bbl, Kochi $39/bbl. Bina mainly due to processing high sulfur crude which is cheaper than low sulfur.

Gagand Digshit · Lara Capital

partial

Will capex be slowed given standalone debt rise to Rs 17,400 crore?

Our direction long-term whatever we have committed the projects all are good in terms of returns point of view. So we are not backing out any of the capex program. We have gross borrowings of 17,000 cr but investments of around 12,500 cr so net borrowing is very small 5,000 cr only.

Sumit Roa · Smartson Capital

evasive

What is LPG under-recovery and government support expected?

Cumulative LPG buffer 15,804 cr as on 30th June... we are hopeful government will support but only thing timing is the issue... we have not failed to calculate marketing under-recovery only on marketing side because when cracks are hovering at $60, $70, $100, you have to see integrated level.

Vikas Jane · CLSA

partial

Why inventory valued at $95 when Brent was $73-74 at end June? What ATF domestic loss and international split?

We value from realization side based on RSP not replacement cost. If current RSP is at $95 crude at landing level so I can value at $95 I need not value at replacement cost. ATF domestic segment has losses, international 55-60% volume with full pass-through.

Sarak Pitha · DSP Asset Managers

partial

What caused LPG volume decline and what is per-cylinder under-recovery?

LPG domestic degrowth in Q1 significant, almost 14 or 15% degrowth due to supply shortage and PNG connections (30-40k surrendered). August CP is $592 which generates under-recovery. We are not showing any big growth in LPG definitely there will be degrowth.

Pritish Kamill · Incred Equities

direct

Why is benchmark+landing still $15+ vs pre-war $4-5 despite freight normalizing?

During April, May, June most of the cargos we are not in position to purchase at benchmark. Premiums have gone up beyond $10. That was the reason. Now premiums have come down - first week of July we got $3-4 discounts on Russians.